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The Social Security reform debate: effects of financial and labor market institutions

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  • Douglas V. Orr

    (Department of Economics, Eastern Washington University, Cheney, WA 99004, USA; Tel.: +1-509-359-2424 doff@ewu.edu)

Abstract

Social Security is a defined benefit (DB) pension plan. Proposals for "reforming" Social Security suggest replacing it with a defined contribution (DC) savings plan. This paper compares the financial and non-financial aspects of DB pensions and DC savings plans, and discusses how changing financial and labor markets affect the interpretation of these plans. Recent wage stagnation has strengthened the arguments for "reform," but a return to the more historical pattern of wage growth would undermine the arguments for reform.

Suggested Citation

  • Douglas V. Orr, 2002. "The Social Security reform debate: effects of financial and labor market institutions," Review of Radical Political Economics, Union for Radical Political Economics, vol. 34(3), pages 285-293, September.
    • Handle: RePEc:sae:reorpe:v:34:y:2002:i:3:p:285-293
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    Keywords

    Social Security; Pensions;

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